Make business payments to China without breaking the bank.
Remitsy was recently acquired by Wyre, so sending money to China with Remitsy is no longer an option. If you land on Remitsy’s home page, you’ll be presented with an option to go to Wyre’s website to initiate your transfer.
Remitsy specializes in sending online business payments to China. It’s the rare provider offering the unbeatable mid-market exchange rate for all transfers, saving your business money when paying vendors or customers in the post populous nation in East Asia.
What is Remitsy?
Headquartered in Hong Kong, Remitsy boasts a “crack team of industry experience” to beat banks and its competition when sending money to China. It doesn’t hide fees by padding the exchange rate, instead offering the interbank rate and low fees to its customers.
How can I send a transfer through Remitsy?
To send money to China through Remitsy, you’ll need to create a free company account with your company name, company registration number, country of registration and industry. You will also need to designate a person from your company to handle the account, providing their personal information.
Once your company account is fully approved, you can transfer funds in three easy steps:
- Enter the transfer amount and desired delivery time, uploading an invoice from which Remitsy can obtain all the details necessary to make your payment. (Remitsy offers invoice templates on its website, if you need guidance.)
- Provide your company details and your recipient’s information.
- Wire funds to the nearest Remitsy bank location.
How much can I send with Remitsy?
Remitsy doesn’t set standard minimum or maximum transfer amounts, but the details of your transfer could vary depending on the country you’re sending money from.
While Remitsy actually receives only one currency — Chinese yuan — it supports eight currencies to China:
- US dollars
- Australian dollars
- Canadian dollars
- British pounds
- Hong Kong dollars
- Indian rupees
- Polish zloty
How much does it cost to transfer money with Remitsy?
Remitsy’s fee policy is simple to understand. You can initiate two types of transfers, each with its own service fee:
- Regular transfers. Pay 1% of your transaction amount for arrival within 24 hours.
- Express transfers. Pay 2.5% of your transaction amount for arrival within 7 hours.
Because it doesn’t pad the mid-market rate to turn a profit, the exchange rate you’ll see is among the best you can get.
What is the mid-market rate?
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
What types of transfers can I send through Remitsy?
Remitsy can be an excellent option when making business payments to China. It does not allow personal accounts at this time.
In some cases, your recipient can receive funds to a personal bank account, but you may need to provide documentation that these funds are for business purposes, such as paying for freelance work.
Pros and cons
- Unbeatable exchange rate. You’ll get the mid-market rate, making it hard to find a better rate anywhere else.
- Low, transparent fees. After entering your transfer details, you’ll know exactly how much you’ll pay in fees.
- Recently acquired by Wyre. When fully integrated, you’ll be able to send money to China in a mere few hours.
- Limited service. Remitsy offers its money transfer services to one country only — China.
- Limited transfer options. If you’re looking to send something other than a bank-to-bank transfer, you’ll need to look elsewhere.
- For businesses only. Your transfers to friends and family overseas will need to go through another provider.
How safe is Remitsy?
Remitsy is a safe money transfers operator that’s licensed in Hong Kong. It processes all payments through segregated bank accounts and stores your personal and financial information using bank-grade encryption, protecting your transfer from third parties.
What other products does Remitsy offer?
Remitsy does not offer any other products and services, specializing solely in allowing users to send business payments to China.
If you’re looking to automate your business payments to China, Remitsy offers the flexibility of a robust API to deliver payments directly to bank accounts and mobile wallets.
If you own a business that requires frequent payments to vendors, freelancers or offices in China, Remitsy could be an excellent low-cost option. It offers the mid-market rate on all transfers, which could save you a lot of money over banks and other providers.
If you need to make payments to countries beyond China or to recipients that are not part of your business, compare the rates and fees of other international money transfer specialists.